"Everything is not a price near the EUR/JPY chart". That's among the complaints by investors for price movements on the popular chart.
Stealing the spotlight on the movement of the Euro currency, investors evaluated the discussions and views expressed by members of the European central bank (ECB) regarding their monetary policy.
There are indications for an interest rate hike to over 60 basis points by the ECB by the end of the year.
However, the Euro was seen failing to push the price on the EUR/JPY chart higher in yesterday's trade.
Meanwhile, the Yen will be affected by changes in market sentiment after the development of peace talks between Russia and Ukraine produced positive results.
But investors are also focusing on the Bank of Japan's (BOJ) direct intervention in the market, by increasing government bond -buying offers to curb the advance of bond yields to higher levels.
The EUR/JPY price chart is seen to have displayed a rise at the beginning of the week reaching a high of 137.500.
That level is the highest the price has reached since January 2018 and if the price manages to make a higher rise past it, the price will record the latest high level for a trading period of 7 years!
However, in Tuesday's trading yesterday, the price remained hovering below the 137.00 zone before starting to signal a change in the bearish trend in the Asian session this morning.
The decline in the Asian session has passed the support level of the Moving Average 50 (MA50) on the 1 -hour time frame for an indication of the beginning of the bearish trend.
A lower decline will be expected towards the smeula zone around 134.00 which is seen as potentially a zone for price support.
The lower decline that remains continued next will re -enter the zone around 131.500.
